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研究生:鄒雅婷
研究生(外文):Tsou, Ya-Ting
論文名稱:董事會多元性對公司投資決策的影響
論文名稱(外文):The Impact of Board Diversity on Corporate Investment Policy
指導教授:陳獻儀陳獻儀引用關係
指導教授(外文):Chen, Hsien-Yi
口試委員:陳獻儀蔡豐澤張眾卓
口試委員(外文):Chen, Hsien-YiTsai, Feng-TseChang, Chong-Chuo
口試日期:2019-05-17
學位類別:碩士
校院名稱:亞洲大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:中文
論文頁數:41
中文關鍵詞:董事會多元化投資決策研發費用
外文關鍵詞:board diversityinvestment policyresearch and development expenditure
相關次數:
  • 被引用被引用:2
  • 點閱點閱:143
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
本研究探討董事會多元性是否會影響公司的投資決策,採用代理董事會多元性變數,包含:女性董監事比率、董事職業與專業背景、外部董監事比率和董監事的學歷等,探討其與公司資本支出和研發費用的關聯性。本研究對象以2001年至2017年共計17年間的所有台灣證交所上市公司為實證樣本,實證結果發現女性董監事比率、外部董監事比率和專業背景指標與資本支出率和研發支出率呈負相關,代表女性董監事比率、外部董監事比率和專業背景指標越高時,資本支出率和研發支出率越低,符合本文自由現金流量假說的預期。
This study explores whether board diversity affects a firm’s investment decision-making. Proxy variables of board diversity, including percentage of female directors on the board, occupations and professional backgrounds of the directors on the board, percentage of outside directors, and educational attainment of the directors on the board, are used to identify their relevance to capital expenditures and research and development expenditures of the firm. All listed firms on the Taiwan Stock Exchange from 2001 to 2017 are used as empirical samples. The empirical results reveal that percentage of female directors, percentage of outside directors, and professional background indicators of the directors are negatively correlated with capital expenditures and research and development expenditures. In other words, when the percentages of female directors and outside directors and the professional background indicators of the directors increase, the capital expenditures and research and development expenditures decrease. This result supports the hypothesis of free cash flow proposed in this study.
目錄 I
表目錄 II
圖目錄 III
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻探討 7
第一節 相關文獻回顧與探討 7
第三章 研究方法 15
第一節 資料來源與樣本選擇 15
第二節 研究變數之衡量 15
第三節 實證模型 21
第四章 實證結果與分析 22
第一節 敘述性統計分析 22
第二節 相關係數分析 23
第三節 差異性檢定分析 25
第四節 迴歸分析結果 27
第五章 結論 34
參考文獻 35

表3-1 研究變數彙整表 19
表4-1 敘述統計量 23
表4-2 相關係數分析 24
表4-3 差異性檢定分析 26
表4-4 迴歸分析結果-無固定效果、無控制變數 29
表4-5 迴歸分析結果-未加入控制變數 30
表4-6 迴歸分析結果-加入控制變數 33

圖1-1 本研究之研究流程 6

一、中文部分
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7.林秀柑、方文碩、王冠閔,2009,集團核心企業董事會特性與經營績效之研究,「台灣企業績效學刊」,第三期 (1),頁25-48。
8.翁淑育,2000,「台灣上市公司股權結構、核心代理問題與公司價值之研究」,私立輔仁大學金融所碩士論文。
9.張晏芸,2008,「董事會中女性成員與盈餘保守性關聯之研究:來自中國之證據」,國立政治大學會計研究所論文。
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11.許恬甜,2008,「董事會規模及獨立性決定因素之探討」,中國文化大學會計研究所碩士論文。
12.陳錦村、葉雅薰,2002,公司改組、監督機制與盈餘管理之研究,「會計評論」,第三十四期,頁1-29。
13.陳麗娟,2004,「董事會組成、股權結構、關係人交易與企業績效關係之研究-以紡織業及電子業為實証」,國立成功大學高階管理碩士在職專班碩士論文。
14.楊朝旭、吳幸蓁,2009,資產減損之決定因素與盈餘資訊性後果:論公司治理之角色,「會計評論」,第四十八期 (1月),頁67-114。
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14.Dezoort, F. T. and Salterio, S. E., 2001, The effects of corporate governance experience and financial-reporting and audit knowledge on audit committee Members’Judgments, Auditing: A Journal of Practice and Theory, 20 (2), pp. 2-11, pp. 31-49.
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